DOMESTIC HIGH RISK MERCHANT ACCOUNT OPTION

The most efficient option for your business may be a “Domestic Merchant Account”. The reason for this is when your account provider and your business are set up in the same country then you will be more familiar with the rules and laws of the country which makes it easier to do business. But, in the case of an offshore account, the chances of that entity being absolutely familiar with the business codes and rules of your country will be less. Therefore, it will become more complex for you to maintain your merchant account.

Having a “Domestic Merchant Account” has may other advantages which will benefit your business in many other ways also. When you select your lender, you will be able to choose the one with whom you have done business with in the past. In this way there will not be any problems of trust which will enable you to do business smoothly. If, you did not do business with the bank directly then, at least you may know people who have done business with the bank or the financial institution. Also, you would have read or seen news about the bank on your local news channel or the local business paper. Therefore, you can be more informed about the banks activities. Also, since you are working with an institution that you trust, you will be able to build good relationships which can be taken ahead to do more good business. You will also be able to get other merchant accounts or lower rates and fees which will help your business in more ways than one. It will be beneficial to both the parties.

Obtaining a “Domestic Merchant Account” is much easier than an offshore merchant account. You can just go to any local bank or any of its branch offices to get your merchant account. You may even be familiar with some of the employees there which makes it even easier as those people will do all the formalities required to open a merchant account. However, in case of an offshore bank you might not know any one who can help you with out any bias.

Now let’s come to the most important aspect of it: Fees. For the "Domestic Merchant Account” the fees and charges will be much clearer as it will be explained in your local currency. However, in case of an “Offshore Merchant Account” it will take some effort and time before you understand the fees and charges. However, several merchant account providers take care of this problem by processing the payments in your homeland’s currency. But, understanding the news in terms of your own currency is much easier.

Obtaining an account to accept credit card payments is the best method to expand your business. Even more, if you can accept credit card payments from around the world then your business can grow exponentially. However, while thinking whether you should partner with a local lender or an international one, you should be aware of the benefits offered by the “Domestic Merchant Account”.

Contact one of our helpful account representatives to assist you in the setup of a high risk merchant account or offshore merchant account for a high risk merchant.